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Shares climbed 18% to $23.85 after hours as the company also forecast current-quarter results well above Wall Street estimates. The stock is up 17% so far this year and has been trading at its highest level in three years.

For the current quarter, OmniVision expects adjusted earnings of 43 cents and 63 cents a share on revenue of $360 million to $400 million. Analysts recently forecast earnings of 29 cents a share and revenue of $305 million, according to Thomson Reuters.

The biggest piece of OmniVision's business comes from the smartphone sector. The company's products include camera sensors for phones, including Apple Inc.'s iPhone.

For the quarter ended April 30, the Santa Clara, Calif., company reported net income of $15.1 million, or 26 cents per share, up from $8.9 million, or 17 cents a share, a year earlier. Excluding stock-based compensation expenses and related tax items, earnings rose to 40 cents a share from 31 cents.

Revenue fell 1.6% to $331.0 million.

The company had guided in February for adjusted earnings of 19 cents to 35 cents a share and revenue of $275 million to $305 million.

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